Elon Musk’s rocket company SpaceX will make its debut on Wall Street Friday. Both institutional and retail investors are expected to gobble up the 555.6 million shares going up for sale at $135 apiece.

Musk is already the world’s richest man and he could become its first trillionaire. Musk says the company is going public because it needs money to fund its ambitions of putting satellites and data centers in space.

US producer prices spike in May

U.S. producer prices climbed last month at the fastest pace since November 2022, fueled by surging energy prices.

The Labor Department reported Thursday that its producer price index — which captures inflation before it reaches consumers — jumped 6.5% from May 2025. It also rose 1.1% from April, same as it did the previous month. Inflationary pressures, intensified by the energy shock caused by the Iran war, are frustrating Americans five months before midterm elections that will determine whether President Donald Trump’s Republicans keep full control of Congress.

Europe’s central bank raises interest rates

The European Central Bank on Thursday became the first major central bank to raise interest rates in response to the Iran war.

Policymakers around the world including new U.S. Federal Reserve Chair Kevin Warsh are wrestling with how to confront the inflation fed by sharply higher oil prices. The ECB’s rate-setting council raised its benchmark rate to 2.25% from 2%, where it had been for a year. The move comes ahead of rate-setting meetings next week at the Fed, the Bank of Japan, and the Bank of England. Oil prices have risen sharply due to Iran choking off the flow of crude oil through the Strait of Hormuz. Higher interest rates aim to fight inflation caused by more expensive energy.

US long-term mortgage rate rises to 6.52%

The average long-term U.S. mortgage rate ticked up this week to just below its high for the year, the latest sign that borrowing costs on home loans remain elevated relative to where they were before the war with Iran started.

Mortgage buyer Freddie Mac said Thursday that the benchmark 30-year fixed rate mortgage rate rose to 6.52% from 6.48% last week. The average rate remains below 6.84%, where it was a year ago. Mortgage rates are influenced by several factors, from the Federal Reserve’s interest rate policy decisions to bond market investors’ expectations for the economy and inflation.

Anthropic vows $200M to research AI’s impact

Anthropic has joined calls for the AI industry to find ways to cushion people from AI’s disruptions to the workforce.

The company announced a $200 million investment to research AI’s economic impact. On Wednesday, CEO Dario Amodei published an essay with proposals for government support for those financially affected by AI. He warned that AI could cause significant and lasting labor market disruptions. Amodei suggested data collection, pro-employment policies, and possibly universal basic income.

Zelle to expand service to India this year

Zelle is expanding to India later this year, marking its first international market. Early Warning Services, which operates Zelle, calls India a “natural starting point” due to significant remittances from the U.S.

The company plans further international expansions and will introduce a U.S. dollar-backed stable coin, ZelleUSD. Since its launch nine years ago, Zelle has become popular in the U.S., with over $1.2 trillion sent in 2025.